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Deutsche Telekom: Sells 51% of telecom tower business for €17.5bn

Deutsche Telekom has agreed to sell 51% of its telecommunications tower business to a joint venture of the Canadian company Brookfield and the American private equity firm DigitalBridge, following their offer of 17.5 billion euros.

Brookfield had initially submitted a binding bid jointly with Spanish telecoms company Cellnex, but it withdrew on Wednesday.

The German telecoms giant will retain the remaining 49%, with the deal expected to close by the end of this year, Reuters reports.

The deal will help Deutsche Telekom reduce its debt by 10.7 billion euros, the German giant said, at a time when it is promoting the acquisition of a majority stake in T-Mobile’s US subsidiary.

The deal is the biggest this year in Germany and the second biggest in Europe, after the acquisition of the Italian infrastructure group Atlantia by the Benetton family and the American fund Blackstone, for 58 billion euros.

Source: Capital

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